Tribune Media president and chief executive officer Peter Liguori will step down following the company’s 2016 fourth quarter and full-year earnings release, expected to occur during the first week of March, the company announced on Wednesday.
“Following the successful completion of several financial, strategic and creative initiatives, culminating in the pending sale of Gracenote, Tribune Media is well advanced in its transformation to a more focused broadcast and cable networks company,” Liguori said in a statement. “I believe that now is the ideal time for a new leader to steer today’s Tribune. As curious and excited as I am about pursuing new opportunities, I am equally grateful for the achievements, commitment and integrity of this company’s management team and its dedicated employees.”
Liguori will also resign from the company’s board of directors at that time and the board will conduct a search working with Korn Ferry to identify a new CEO.
“We greatly appreciate Peter’s leadership in the transformation of Tribune Media over the last four years, including the efforts to monetize non-core assets and simplify the company. It became clear to Peter and the board that in this last year of his contract it was time to find a new CEO to run the more broadcast-centric company,” Tribune Media’s board of directors chairman said.
Liguori led the restructuring and transformation of Tribune Media over the past four years, acquiring 19 local television stations, bringing the total Tribune Media local television station portfolio to 42 by purchasing Local TV for $2.7 billion in 2013.
In 2014, the company spun off its newspaper publishing division to its shareholders. Liguori also helped WGN America grow its distribution to nearly 80 million households.
Last February, the company announced a special dividend of approximately $500 million.